USIH Usi Hldgs Corp (MM)

USI Holdings Corporation (NASDAQ: USIH) today announced the acquisition of Memphis, TN-based H.W. Gates Agency, Inc. ("Gates"). Gates provides property & casualty insurance products and services to businesses throughout the Memphis Metro area. Gates is expected to contribute approximately $1.0 million of revenues to USI on an annual basis. Commenting on the acquisition, Jeffrey J. Haynes, CEO, USI Southeast Region, said, "At USI, our commitment is to delivering high quality solutions to our clients. At the same time, we continue to target acquisition candidates that will increase our organic growth and ability to cross-sell. Gates will enhance our existing Memphis operation with property & casualty expertise and provide an opportunity for us to bring our employee benefits expertise to their existing clients. I look forward to working with the Gates� team and their clients." H. William Gates, President, H. W. Gates Agency, Inc. commented, "Gates is proud to serve the Memphis community with a commitment to custom-fit solutions and services. By joining USI, we are well-positioned to continue delivering exceptional quality with an expanded selection of products and services. We welcome the opportunity to join the USI team." This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of USI resulting from and following the acquisition. These statements are based on management's current expectations and are inherently subject to uncertainties and changes in circumstances. Detailed information about the factors that could cause actual results to differ materially from those described in the forward-looking statements is contained in USI's filings with the SEC. All forward-looking statements included in this press release are made only as of the date of this press release, and USI does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which USI hereafter becomes aware. About USI Holdings Corporation Founded in 1994, USI is a leading distributor of insurance and financial products and services to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 66 offices in 18 states. Additional information about USI may be found at www.usi.biz.